Dragnet Numerical Reasoning Questions and Answers


Every business organization operating in Nigeria must pay V.A.T (Value Added Tax) of 17.0% on the profit they make for the product they sell or service they render. However, if your organization is registered with VISCO Tax company you will be partly exempted from
paying V.A.T on your goods or services. Every business organization registered with VISCO pays a tax of 15%.
Using the table below that shows income for June 2013, solve Question 

Company Name Durables(N)  Perishables(N)  Services(N)
Annex & Co
 		 150,000  175,000  50,000
Bisco Solutions 125,000 180,000 25,000
Casper Nig. Ltd. 85,000 200,000 40,000

 


16)

How much V.A.T will Annex and Co pay for V.A.T for its services if it is registered with VISCO Tax Company and it made a profit of 10% for the month of June.

Profit for Service = 10% of 50,000
                            = (10/100) x 50,000
                            = 5000

V.A.T = 15% of 5000
          = (15/100) x 5000
          = N750 (D)

Fig 2.4


17)

 Which region or regions have experienced a decrease in their trade balance between 2008 and 2009?

Using the trade balance figures for 2008 from the earlier question, calculate the change in trade balances for each region between 2008 and 2009

China 18,400 – 7,200 = 11,200 increase
United Kingdom 1,825 – 2,100 = 275 decrease
Japan 5,840 – 4,900 = 940 increase
South America 1,950 – 1,600 = 350 increase
Russia 1,200 – 1,800 = 600 decrease

So the correct answer is (B) United Kingdom, Russia
18)

Compared to 2009, the UK’s trade balance is expected to increase by 3.5% in 2010 and China’s trading balance is expected to decrease by 4.4%. What is the difference between the 2010 trade balance forecasts for these countries (to the nearest $million)?

Step 1 – calculate the increase for the UK and the decrease for China
UK: 103.5% x 1,825 = 1,888.875
China: 95.6% x 18,400 = 17,590.4

Step 2 – calculate the difference
17,590.4 - 1,888.875 = $15,701.525 (million $)

Tip: these numbers are already in million $, so don't be tempted to round the answer to
(C) $16,000 million.

So the correct answer is (D) $15,702 million
19)

If Japan’s exports value increased by 1/5 th between 2008 to 2009 then what was Japan’s imports value in 2009?

Step 1- Use the graph to obtain the 2008 exports value = 29,400

Step 2 – Add 1/5 th to find the 2009 exports value
29,400 x 1.2 = 35,280

Step 3 - Use the table to obtain the 2009 trade balance = 5,840
Japan’s imports value in 2009 = 35,280 – 5,840 = $29,440 million

Thus the correct answer is (E) $29,440 million
20)

Of the regions shown what was the difference between the highest and the lowest trade balance in 2008?

Step 1 - Use the graph (i.e. 2008 figures) to calculate the trading balance (exports – imports) for each region

  Exports – imports ($million)
China  30,000 – 22,800 = 7,200
United Kingdom  30,600 – 28,500 = 2,100
Japan 29,400 – 24,500 = 4,900
South America 32,000 – 30,400 = 1,600
Russia 31,300 – 29,500 = 1,800

Step 2 – calculate the difference between the highest and the lowest trading balance
7,200 – 1,600 = $5,600 million

So the correct answer is (E) $5,600 million



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